Major resource company OZ Minerals to call Adelaide home

Premier Jay Weatherill today welcomed the announcement that major resources company OZ Minerals will relocate its corporate head office to Adelaide.

OZ Minerals Chief Executive Andrew Cole this morning announced the decision to move the company’s head office from Melbourne to Adelaide as part of its quarterly report to shareholders.

The State Government has also announced it is investing $10 million in a new research partnership with OZ Minerals and local universities which aims to improve the quality of copper concentrates produced in the State.

“The heart of OZ Minerals’ operations have always been in South Australia and it is great news the company has now chosen to call Adelaide its home,” Mr Weatherill said.

“The move makes sense as OZ Minerals’ two major copper assets, Prominent Hill and Carrapateena are here in South Australia.

“This sends a clear signal to other resource and energy companies that South Australia wants to be the nation’s resources hub and we are prepared to invest in innovation to grow business and create new jobs.”

Mr Weatherill also welcomed OZ Minerals’ $18 million commitment to the partnership, which will include the construction of a demonstration plant in South Australia.

“The State Government is investing $10 million to partner with Oz Minerals and local universities to develop new technologies aimed at unlocking our unique but deeply covered mineral deposits,” he said.

“This will be of benefit to mining companies both here in Australia and also around the world.”

In November last year, the Government released an economic priority aimed at unlocking the full potential of South Australia’s resources, energy and renewable assets.

This included a target of attracting three resources companies with a head office in Adelaide - OZ Minerals is the first company to move to SA after this target was set.

Mineral Resources and Energy Minister Tom Koutsantonis said a key factor in the decision to relocate is an agreement between the State Government and OZ Minerals to work together to facilitate the development of South Australian copper projects.

“Realising the full potential of our State’s copper assets is a key economic imperative for the State Government,” Mr Koutsantonis said.

“The technical side of the partnership includes the State Government investing $10 million toward new research on methods to upgrade the quality of copper concentrates produced in the State.

“This will have benefits, not just for OZ Minerals, but for resources companies with interests in copper extraction, reaffirming South Australia as a leader in mining and energy innovation.

“OZ Minerals has also agreed to engage with local universities to assist with its research.

“We will also collaborate with OZ Minerals to develop infrastructure in the State’s Far North that could further improve the economic case for proceeding with Carrapateena.

“Both aspects of this collaboration between Government and a major resource company could assist in unlocking significant value across South Australia’s eastern Gawler Craton.”

For more information about the Premier’s Economic Priorities, visit economic.priorities.sa.gov.au.

OZ Minerals fast facts

Australia has the second largest economic demonstrated resources of copper at 13 per cent after Chile's 28 per cent. South Australia has 68 per cent of the national total.

OZ Minerals is Australia’s third largest copper producer with a market capitalisation of $1.03 billion.

The S&P/ASX 200 company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project.

About 75 per cent of OZ Minerals’ workforce lives in South Australia.

Women comprise about 23 per cent of the workforce directly employed by OZ Minerals and 14 per cent of employees within the Prominent Hill workforce.

Carrapateena, acquired by OZ Minerals in 2011, may contain as much 6.3m tons of copper and 8.4m ounces of gold.